Credit unions and other card issuers are losing a whopping $10.9 billion a year to fraud and criminals appear to be attacking from all angles, a new LexisNexis Risk Solutions study said.

The study of 100 risk and fraud decision-makers and influencers working at U.S. card issuers reported 71% of card fraud now comes from credit cards – three times the fraud from debit cards, which accounted for 25% of the total. Prepaid cards contributed only half a billion in fraud losses, the study said.

"EMV chip technology represents the strongest anti-fraud protection at the POS terminal," LexisNexis Risk Solutions Senior Director of Identity Management Kim Little Sutherland said. "However, as this new model continues to roll out over the next 12 months in the U.S., issuers expect certain fraud types to increase. Notably, with the window closing on easily replicable mag stripe cards, we forecast a shift and bump in identity schemes – characterized by the use of synthetic identities and the misuse of true identities."